Welcome to The Day by day Forkast, January thirteenth, 2021, introduced by Angie Lau. For the newest in blockchain & crypto information. On in the present day’s present:
00:00 Coming Up
00:36 Prosecutors demand life sentences in Korean rip-off case
01:35 Blockchain mission set to boost water provide chains in Australia’s Queensland state
02:23 Hong Kong plans new crypto regulation
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First up, prosecutors in South Korea have demanded life sentences for seven executives concerned in a crypto rip-off. The seven execs from the now defunct V World crypto change have been charged with swindling over 50,000 members out of their cash by promising 300% returns on investments. Members had been additionally provided a US$1,000 fee for referring new customers. And whereas customers did obtain a number of the promised returns, it was found that these funds had been taken from new customers deposits, very similar to a pyramid or Ponzi scheme. Prosecutors mentioned the defendants haven’t made honest efforts to recuperate the losses that whole greater than get this, US$1.8 billion, nor taken full duty for his or her actions. The decision and sentencing are due on February eleventh, and we will probably be protecting watch on that.
Now, over within the northeastern Australian state of Queensland, an modern mission is utilizing blockchain expertise to enhance water market provide chains. Now, greater than 1,000 farmers have partnered with blockchain agency Civic Ledger to deal with water safety and honest entry points by incorporating the Water Ledger buying and selling platform into the state’s Mareeba-Dimboola Water Provide Scheme. Now, water provides are very important to the area as it’s a main producer of avocados, mangos and bananas. Water administration is a important coverage subject in Australia that some specialists say hasn’t been a precedence regardless of the nation steadily experiencing droughts and bushfires.
In Hong Kong, plans for brand new crypto regulation are on the agenda. The Hong Kong Financial Authority, or HKMA, is in search of suggestions now after publishing a paper on choices for regulating the sector. The HK paper says emphasis has been positioned on the person safety in growing the proposals. It goes on to notice that stablecoins particularly current dangers for financial and monetary stability as they’ve larger potential for turning into broadly accepted as a way of fee. One skilled advised Forkast.Information that gamers within the trade have understood issues would change for a while. He thinks Hong Kong is making strikes that almost all international monetary facilities may even make. The HKMA says it’s wanting into whether or not stablecoin issuers ought to be regulated beneath the banking ordinance, and Hong Kong is not alone in going alongside these traces. Certainly, the US is one other instance of a rustic the place this has been thought-about. The session is open till the top of March, with the HKMA anticipating to formulate a plan by July this yr and for the brand new regime to be in place by 2024.
The brand new yr droop in cryptocurrencies has been grabbing headlines, and whereas it is likely to be laborious to see any silver lining amid all of the gloom and doom discuss. Is it time to construct recent positions. Michael Wu, CEO and founding father of Amber Group, joins me to weigh in on this new financial system.
Angie Lau: Main digital currencies, whether or not it is Solana, Ether, Cardano and, after all, Bitcoin, amongst many others, Michael, they’ve had a tough begin to the brand new yr. This has received lots of people questioning the soundness of crypto. However do you assume this decline is as an alternative a possibility to construct positions and portfolios? What do you assume?
Michael Wu: I feel we’re all roughly perceive that this explicit volatility and near-term sell-off is pushed by Fed’s growing hawkish stance. They’re extra more likely to hike charges for a number of occasions this yr, and all of that, after all, have an effect on all asset costs, together with crypto. I do assume if we do see an additional sell-off from right here, for instance Bitcoin go all the way down to say US$30,000 or US$35,000 ranges or Ethereum beneath US$2,500 or US$2,000 degree. These are nice ranges to begin constructing increasingly more Bitcoin and Ethereum positions or add on to your present positions in virtually like a risk-neutral type of manner. I don’t advocate what we’d sometimes name catching the falling knife in buying and selling phrases, which implies, don’t go too loopy. Simply take your time, degree your bets or wait till the market stabilizes at a good degree and begin to construct your positions over time.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #CryptoScam #WaterSupply #Stablecoin #Regulation #HongKong #Finance #Australia #Funding #HKMA
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